Yahoo Finance Tax 2024: 4 things Aussies should quickly buy before EOFY
From headphones to handbags, here are four things to consider buying before June 30.
There are only a few weeks left in the current financial year. That means your window for making some last-minute purchases to boost your tax return is closing.
With the Stage 3 tax cuts coming into effect on July 1, now could also be a good time to make those work purchases while you still have a higher tax rate. Plus there are EOFY sales you can take advantage of.
If you make them next year, they’ll actually be worth less as a deduction.
“If you buy before June 30, that same purchase will be worth more to you as a refund than it would after July 1,” Tax Invest Accounting director and tax agent Belinda Raso told Yahoo Finance.
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Here are four things Raso said you could consider buying before June 30 that you can claim on your tax return.
1. Headphones and earphones
If you need to use headphones or earphones as part of your job, you can claim this as a tax deduction.
“You think about how often we are on our phones. If you need to be communicating with clients and if you are using your phone a fair bit,” Raso said.
You’ll need to work out what percentage of your headphones or earphones you use for work, or alternatively Raso recommends buying a separate pair and just using them for work.
2. Handbags
You can claim laptop cases, satchels and briefcases on tax, but you may not realise you can also claim a handbag.
“If you’re buying a handbag that’s specifically just for work and you’re not keeping personal items in there, you can claim a handbag as well,” Raso said.
Raso recommends having a separate smaller clutch to put your personal items like your keys and lunch in. You also need to use “common sense” when it comes to the cost of the bag because very expensive bags will draw lots of attention from the ATO.
3. Subscriptions
You can also claim subscriptions you use as part of your job. Think things like relevant magazine subscriptions, along with things like Canva and anti-virus subscriptions.
“People working from home tend to forget that even though they are claiming a fixed rate method, there are still other items that they can claim,” Raso told Yahoo Finance.
“Any subscriptions that you are using as part of your job. If there is a personal element to it, you just have to take off what is not business use.”
4. WFH equipment
Lastly, consider purchasing any work from home equipment or programs you need, including things like a laptop stand, monitor stand and arms.
“Think about everything that goes into your home office if you are working from home. It’s not just the hardware, we’ve got the software that goes on the computer, Microsoft programs,” Raso said.
“You’ve also got your cords and cables. People tend to forget this but we’ve got power boards, extension cords, double adaptors, HDMI cables, ethernet cables - all these things you usually wouldn’t normally purchase if you weren’t working from home so are going to be claimable on your tax return.”
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